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Subcommittee approves consolidation of Real Estate Recovery account into Education and Research fund
Summary
The Joint Subcommittee on General Government approved the governor's recommendation to transfer revenue and expenses from the Real Estate Recovery account to the Real Estate Education and Research account and to eliminate the separate recovery account; the move was presented as an administrative consolidation now possible because the accounting
CARSON CITY — The subcommittee voted to consolidate the Real Estate Recovery budget account into the Real Estate Education and Research account and to rename the resulting fund to reflect recovery activity, aligning the budget structure with current accounting system capabilities.
Madison Ryan, LCB fiscal analyst, explained that the Real Estate Education, Research and Recovery fund historically used two separate budget accounts because the legacy accounting system could not hold multiple reserve categories in a single account. The division proposed transferring $1,000,000 in associated revenue and expenses in each year of the 2025-27 biennium into the Real Estate Education and Research account and eliminating the separate Real Estate Recovery account. Ryan said the current core accounting system can manage multiple reserve categories in one budget account, and the consolidation would reduce duplicative administrative processes.
The subcommittee approved the consolidation and recommended renaming the account to the Real Estate Education, Research and Recovery Fund to match statutory language in chapter 645 of the Nevada Revised Statutes. The vote was adopted by voice vote; no roll-call tallies appear in the record.
